PhonePe, one of India leading fintech companies, has officially announced its plans to go public, marking a major milestone in its journey. The company, backed by Walmart, has commenced preparatory steps for its Initial Public Offering (IPO) and aims to list on Indian stock exchanges.
As PhonePe approaches its 10-year anniversary, it has grown into a dominant player in India’s digital payments and financial services sector, serving millions of customers. The company has long aspired to be a publicly traded firm in India, reinforcing its commitment to the country where it was founded.
PhonePe Growth and Market Position
PhonePe has been a key driver of digital payments in India since the launch of its mobile payments app in August 2016. As of January 2025, the platform has over 59 crore registered users and a vast merchant network covering 4 crore businesses. It processes more than 31 crore transactions daily, with an annualized total payment value (TPV) exceeding ₹145 lakh crore.
Strategic Shift Towards IPO
In December 2022, PhonePe redomiciled from Singapore to India to align with its long-term vision. It also restructured its corporate framework, creating separate subsidiaries for its non-payment businesses. This move positioned the company for stronger governance and financial transparency, making it a suitable candidate for a stock market listing.
Expanding Beyond Digital Payments
While PhonePe started as a digital payments platform, it has expanded into multiple financial services, including insurance, lending, and wealth management. Additionally, the company has ventured into consumer technology with initiatives like:
- Pincode – A hyperlocal e-commerce platform.
- Indus App Store – India’s first localized app marketplace.
With these expansions, PhonePe aims to solidify its presence in India’s digital economy while ensuring financial inclusion for millions of users.
The Road Ahead
PhonePe strong financial growth and diverse business portfolio indicate that the company is well-positioned for a successful IPO. While no specific timeline has been provided, the IPO preparations mark a crucial step in the company’s long-term strategy.
By going public, PhonePe seeks to enhance its market position, attract new investors, and drive further innovation in India’s fintech ecosystem.
